LONDON Oct 12 British airline Monarch
said a 165 million pound ($205 million) investment from majority
shareholder Greybull Capital had secured its future by allowing
the low-cost carrier to renew a key operating licence.
Monarch warned in September that security concerns and the
devaluation of the pound against the euro after Britain's vote
to leave the EU in June had made market conditions difficult.
The Luton-based carrier sells holidays and flights primarily
to Britons travelling to Spain, Italy and France, but has lost
business over the last year as holidaymakers turned their backs
on formerly popular destinations in Tunisia, Egypt and Turkey.
Monarch issued a statement last month saying that it was
operating normally after questions were asked about its
financial viability on social media.
Days later, Britain's aviation regulator, the CAA, said
Monarch had until 2259 GMT on Oct. 12 to satisfy the
requirements needed for a full Air Travel Organiser's Licence
Under UK law, all British companies which sell air holidays
and flights are required to hold an ATOL, which provides
protection for customers if a travel firm ceases trading.
($1 = 0.8042 pounds)
(Reporting by Paul Sandle; editing by Kate Holton)